Many modern financial institutions use automated teller machines (ATM) to enable customers to perform transactions on financial accounts. The ATM may or may not be associated with the financial institution; however, the ATM may still be used to perform a transaction on a financial account associated with the institution.
In order to perform a transaction on a financial account a customer is typically required to either swipe a card with a magnetic strip or scan a card with an embedded smart chip. The card is associated with the financial account. In addition to either swiping or scanning the card, the user will usually be required to enter a personal identification number (PIN) associated with the either the card or the financial account. Typically, after the ATM and/or a financial network has validated these credentials, the user will be allowed to perform the transaction.
In some instances, the potential exposure of a compromised card can be great because the card may complete access to funds deposited in the financial account. There exists a need to protect financial accounts from unauthorized access.